I have a high (13% teaser rate arm) that gets reset in January. I'm currently selling the house but reasonably won't sell house until spring2008. what are my options.?
2007-10-24 08:31:54 · 3 answers · asked by K(old man) 2 in Business & Finance ➔ Renting & Real Estate
In the current real estate market, refinance with a FHA Mortgage.
2007-10-24 09:38:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
To be brutally honest if you teaser rate is at 13% and bound to go higher, my guess is your credit is extremely bad, and you financed for 100%. Most Teaser rates are lower much lower than that either none, or 1-2%. This would tend me to believe that you owe quiet a bit more than the house is worth in todays market, and the average time on market now is 10.5 months and growing. Your basic option right now are afford the higher mortgage, or lose the home sorry to say.
2007-10-24 13:02:30 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
FHA will get you a rate of 7% rate 30yr fixed....almost half of your rate....you might consider selling the house with FHA as the FHA loan is assumable
2007-10-25 10:41:29 · answer #3 · answered by Anonymous · 0⤊ 0⤋